Opec rules out output increase

By Javier Blas
Financial Times

December 5 2007

Opec rebuffed consumer nations’ pleas for a production boost on Wednesday by leaving its official output ceiling unchanged at least until February. The decision triggered a brief price rally above $90 a barrel. The oil producers’ cartel argued that, in spite of high prices, the market was well supplied and inventories remained at a “comfortable level”… more